Tax Research Project

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Assume the couple John and Helen want to fund a college education for their son, William, age 2. William will attend college starting at age of 18. He needs $90,000 available at age 18 for his college expense.  The couple feels they can make 6% after-tax return annually in a 529 education fund.  How much do they need to deposit today to meet their goal?     Assume the couple John and Helen want to fund a college education for their son, William, age 2. William will attend 4 years of college starting at age of 18. He needs $60,000 available at age 18 for his college expense.   Starting from now, the couple plans to invest $3000 to the 529 education fund at the end of each year.  What rate of annual return do they need to achieve?

Required information [The following information applies to the questions displayed below.] Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start-up company. What amount of child and dependent care credit cán Julie claim in 2023 in each of the following alternative scenarios? Use Exhibit 8-9. b. Julie paid $6,150 to the day care center, and her AGI is $50,600 (all salary). Child and dependent care credit $ 1,230

Mr. Babu Kamil is a married person and have a net income of $85,000 in 2021. His spouse has a net income of $4500 and she has no mental or physical infirmity. Calculate the spousal amount to be claimed in Line 30300 $13808 – 4500 = $9,308 Calculate the spousal credit (how much credit Mr. Babu gets from this amount). $9308*15% = $1396.20

Required information [The following information applies to the questions displayed below.] Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start- up company. What amount of child and dependent care credit can Julie claim in 2023 in each of the following alternative scenarios? Use Exhibit 8-9. d. Julie paid $2,400 to the day care center, and her AGI is $14,300 (all salary). Child and dependent care credit

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John and Joan pay $16,500 of qualified adoption expenses in 2018 to finalize the adoption of a qualified child. Their AGI is $197,000 for 2018. What is their adop tion credit for 2018? a. $0 b. $16,500 c. $13,460 d. $13,810

John and Joan pay $16,500 of qualified adoption expenses in 2022 to finalize the adoption of a qualified child. Their AGI is $199,000 for 2022. What is their adoption credit for 2022? a. $0 b. $16,500 c. $14,890 d. $14,300

Linda and Barry, a married couple has the following information for this year: • Linda's Earned and Net income: $20,000 • Barry's Earned and Net income: $1,200 • 1st child is 5 years old 2nd child is 15 years old Nanny/Child Care Expenses (not camps): $50,000 What is the maximum Child Care Expense for this family this year?

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3. How much life insurance do you need? Calculating resources- Part 2 Dmitri and Frances Ivanov have completed Step 1 of their needs analysis worksheet and determined that they need $2,418,000 to maintain the projected lifestyle of Frances (age 41) and their two children (ages 7 and 11) in the event of Dmitri’s (the primary earner’s) death. The Ivanovs also have certain financial resources available after Dmitri’s death, however, so their life insurance needs are lower than this amount. If Dmitri dies, Frances will be eligible to receive Social Security survivors’ benefits—approximately $3,500 a month ($42,000 a year) until the youngest child graduates from high school in 9 years. After the children leave home, Frances will be able to work full-time and earn an estimated $52,000 a year (after taxes) until she retires at age 65. After Frances turns 65, she’ll receive approximately $3,100 a month ($37,200 a year) from her own Social Security and retirement benefits. The life…

Julie paid $3,300 to the day care center and her AGI is $401,200.  What amount of child and dependent care credit can Julie claim in 2021?

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! Required information [The following information applies to the questions displayed below.] Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start- up company. What amount of child and dependent care credit can Julie claim in 2023 in each of the following alternative scenarios? Use Exhibit 8-9. e. Julie paid $5,800 to the day care center, and her AGI is $14,000 ($3,800 salary and $10,200 unearned income). Child and dependent care credit

Interview Notes • Luther, age 54, and Lexi, age 56, are married and file a joint return. Lexi has family coverage through her High Deductible Health Plan (HDHP) at work. In 2023, Lexi contributed $2,350 to her Health Savings Account (HSA). Luther made contributions totaling $3,000 to his HSA in 2023. Luther's Form 1099-SA shows a distribution from his HSA of $3,000. They have receipts showing they paid: o $300 for new eyeglasses for Lexi, o $2,200 in copays for doctor visits and tests, o $400 for over the counter medication, and ● o $100 for Personal Protective Equipment (PPE) to prevent the spread of COVID-19 and home COVID-19 tests • In April 2023, Luther was diagnosed by his physician with a terminal illness. In May, Luther and Lexi decided to take a luxury vacation before his health deteriorated. They used a distribution from Luther's IRA to pay for it. They received a Form 1099-R showing $15,000 in Box 1, and code 1 in Box 7. Lexi sold a used handbag on an online marketplace. She…

Susan and Derick finalized an adoption in 2020. Their adoption fees totaled $10,000. They have AGI of $238,520 for 2020. What is their adoption credit?   a. $4,000   b. $10,000   c. $7,263   d. $14,300